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Top Traders Unplugged episodes
- SI13: The market impact of too much money following trends
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can discuss.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to [email protected]
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
52 min - 17 Top Traders Round Table with James Koutolas, Tim McCourt, and Roy Niederhoffer – 2of2"I would say that 90% of the people I've talked to that have made investments have actually used the term 'picks and shovels', and I'm starting to worry about whether the picks and shovels trade is the crowded trade, not the crypto trade." - Roy Niederhoffer (Tweet)Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group where guest host Chris Solarz continues his conversation with Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at CME Group, James Koutolas, CEO of Typhon Capital Management, and Roy Niederhoffer, President of R.G. Niederhoffer Capital Management. Listen in to learn more about the future of cryptocurrency technologies, the unprecedented strength of the blockchain in Bitcoin, and how the SEC and world economies are looking into cryptocurrencies.Subscribe on:In This Episode, You'll Learn:How pick-and-shovel plays are faring in the crypto marketWhy Roy is hesitant to make any judgments about the future of cryptocurrency technologiesWhat people are calling the "inconsistent trinity of crypto"The future of scalability in crypto"To me, [the blockchain] is the most secure electronic security ever created." - Tim McCourt (Tweet)Why the cost of trading crypto is not an issue to worry aboutWhat makes the blockchain one of the most secure things ever createdWhat makes Bitcoin "anti-fragile"Where the SEC stands now on regulation of Bitcoin"That's one of the most interesting things about the blockchain, is that it's a living breathing digital organism." - James Koutolas (Tweet)Why James worries about ICO's and the security behind themWhat makes Bitcoin such a unique trading commodityWhy James sees new all-time highs in Bitcoin in 2019This episode was sponsored by CME Group:Connect with our guests:Learn more about James Koutolas and Typhon Capital ManagementLearn more about Tim McCourt and CME GroupLearn more about Roy Niederhoffer and R.G. Niederhoffer Capital Management"The barriers represent opportunities, the negative feelings represent bearish sentiment. As they say with the stock market, the S&P climbs a wall of worry; there has never been a wall of worry as high as the crypto wall of worry." - Roy Niederhoffer (Tweet)36 min
- 17 Top Traders Round Table with James Koutolas, Tim McCourt, and Roy Niederhoffer – 2of2"I would say that 90% of the people I've talked to that have made investments have actually used the term 'picks and shovels', and I'm starting to worry about whether the picks and shovels trade is the crowded trade, not the crypto trade." - Roy Niederhoffer (Tweet)Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group where guest host Chris Solarz continues his conversation with Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at CME Group, James Koutolas, CEO of Typhon Capital Management, and Roy Niederhoffer, President of R.G. Niederhoffer Capital Management. Listen in to learn more about the future of cryptocurrency technologies, the unprecedented strength of the blockchain in Bitcoin, and how the SEC and world economies are looking into cryptocurrencies.Subscribe on:In This Episode, You'll Learn:How pick-and-shovel plays are faring in the crypto marketWhy Roy is hesitant to make any judgments about the future of cryptocurrency technologiesWhat people are calling the "inconsistent trinity of crypto"The future of scalability in crypto"To me, [the blockchain] is the most secure electronic security ever created." - Tim McCourt (Tweet)Why the cost of trading crypto is not an issue to worry aboutWhat makes the blockchain one of the most secure things ever createdWhat makes Bitcoin "anti-fragile"Where the SEC stands now on regulation of Bitcoin"That's one of the most interesting things about the blockchain, is that it's a living breathing digital organism." - James Koutolas (Tweet)Why James worries about ICO's and the security behind themWhat makes Bitcoin such a unique trading commodityWhy James sees new all-time highs in Bitcoin in 2019This episode was sponsored by CME Group:Connect with our guests:Learn more about James Koutolas and Typhon Capital ManagementLearn more about Tim McCourt and CME GroupLearn more about Roy Niederhoffer and R.G. Niederhoffer Capital Management"The barriers represent opportunities, the negative feelings represent bearish sentiment. As they say with the stock market, the S&P climbs a wall of worry; there has never been a wall of worry as high as the crypto wall of worry." - Roy Niederhoffer (Tweet)Full TranscriptThe following is a full detailed transcript of this conversion. Click here to subscribe to our mailing list, and get full access to our library of downloadable eBook transcripts!NielsWelcome back to Top Traders Round Table, a podcast series on managed futures brought to you by CME group where our guest host today, Chris Solarz, continues his conversation with James Koutoulas, Roy Niederhoffer and Tim McCourt where they discuss the current state of the crypto space. So, without further ado, let’s rejoin the conversation.ChrisWhen I see the spectrum of products available for offer on the crypto, on the hedge fund side now, the media says that there are over three hundred crypto hedge funds perhaps trading ten billion dollars. I put them on a spectrum from very short-term to very long term.So, at the very short-term, we have the arbitrage guys, the exchange arb guys that we’re seeing now. The arb is, perhaps, so well squeezed that now they’re doing triangular arbs, maybe they’re doing bitcoin dollar on one exchange versus bitcoin Ether on another exchange versus Ether dollar on another exchange. They’re becoming a little more complex because perhaps the easy money has been made over these past few years.So, those are probably the shortest term. Then we’re seeing trend followers, if we just go out along the spectrum, who are probably holding it for weeks to months. Somewhere in the middle,36 min
- RT17: What makes Bitcoin "anti-fragile"? ft. James Koutolas, Tim McCourt & Roy Niederhoffer – 2of2
Today guest host Chris Solarz continues his conversation with Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at CME Group, James Koutolas, CEO of Typhon Capital Management, and Roy Niederhoffer, President of R.G. Niederhoffer Capital Management. Listen in to learn more about the future of cryptocurrency technologies, the unprecedented strength of the blockchain in Bitcoin, and how the SEC and world economies are looking into cryptocurrencies.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
- How pick-and-shovel plays are faring in the crypto market
- Why Roy is hesitant to make any judgments about the future of cryptocurrency technologies
- What people are calling the “inconsistent trinity of crypto”
- The future of scalability in crypto
- Why the cost of trading crypto is not an issue to worry about
- What makes the blockchain one of the most secure things ever created
- What makes Bitcoin “anti-fragile”
- Where the SEC stands now on regulation of Bitcoin
- Why James worries about ICO’s and the security behind them
- What makes Bitcoin such a unique trading commodity
- Why James sees new all-time highs in Bitcoin in 2019
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to [email protected]
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Learn more about James Koutolas and Typhon Capital Management
Learn more about Tim McCourt and CME Group
Learn more about Roy Niederhoffer and R.G. Niederhoffer Capital Management
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
36 min - 12 The Systematic Investor Series – December 3rd, 2018Welcome to The Systematic Investor series. It's a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a "call" each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It's a raw and honest exploration and we hope you will join and be part of...not least by sending us questions that we can discuss. Please send your questions to [email protected]Episode Summary0:00 - Intro1:45 - Weekly review14:55 - Top tweets39:40 - Referenced paper: Stock market charts you never saw by McQuarrie40:15 - Question 1: Patrick; Longer question on notional exposure relative to actual capital47:05 - Question 2: Brian; What causes drawdowns in TF?56:05 - Performance recapSubscribe on:1 hr
- 12 The Systematic Investor Series – December 3rd, 2018Welcome to The Systematic Investor series. It's a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a "call" each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It's a raw and honest exploration and we hope you will join and be part of...not least by sending us questions that we can discuss. Please send your questions to [email protected]Episode Summary0:00 - Intro1:45 - Weekly review14:55 - Top tweets39:40 - Referenced paper: Stock market charts you never saw by McQuarrie40:15 - Question 1: Patrick; Longer question on notional exposure relative to actual capital47:05 - Question 2: Brian; What causes drawdowns in TF?56:05 - Performance recapSubscribe on:1 hr
- SI12: What causes drawdowns and how to deal with them
Welcome to The Systematic Investor series. It’s a great privilege for me to invite you to a behind the scenes conversation between some of my favorite systematic investors namely Jerry Parker and Moritz Seibert. We get on a “call” each week to discuss the events that took place through the lens of a Systematic Investor and how the trading strategies we work with are reacting. It’s a raw and honest exploration and we hope you will join and be part of…not least by sending us questions that we can discuss.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to [email protected]
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Episode TimeStamps:
00:00 – Intro
01:45 – Weekly review of performance
14:55 – Top tweets
39:40 – Referenced paper: Stock market charts you never saw by McQuarrie
40:15 – Question 1: Patrick; Longer question on notional exposure relative to actual capital
47:05 – Question 2: Brian; What causes drawdowns in TF?
56:05 – Benchmark performance update
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
1 hr - 16 Top Traders Round Table with James Koutolas, Tim McCourt, and Roy Niederhoffer – 1of2"The reason that I'm so bullish on crypto is that it's the first fixed supply asset that has ever existed in human history, with all of the characteristics of money, but without the vice of overcreation, which has happened 100% of the time in human history." - Roy Niederhoffer (Tweet)Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, guest host Chris Solarz speaks with Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at CME Group, James Koutolas, CEO of Typhon Capital Management, and Roy Niederhoffer, President of R.G. Niederhoffer Capital Management. Our guests today are at the forefront of cryptocurrency investment and their views give insight on where it is headed, from public acceptance to their integration in managed futures. Listen in to today's episode to learn what makes cryptocurrency unique in human history, the long-term effects of investment, and the new developments that change how we invest them.Subscribe on:In This Episode, You'll Learn:What makes Bitcoin so unique among the history of currenciesThe differences between Ethereum and BitcoinWhat challenges CME faced in creating a futures on something virtual"The challenge [in making the Bitcoin futures] was making sure that as we brought this product to market, that we implemented all the proper risk controls, credit controls, and clearing protocols to give people the confidence and safety to transact something as new as Bitcoin." - Tim McCourt (Tweet)How interest in cryptocurrency has changed over the last couple of yearsWhy the guests disagree about the public long-term interest in cryptocurrencyThe historical precedent for the benefits of futures in the economy"The amount of venture capital money going in to [the cryptocurrency space] is just overwhelming." - James Koutolas (Tweet)Why it takes various kinds of traders to make the financial system work so wellThe trading strategies around cryptocurrency and how it has evolvedThis episode was sponsored by CME Group:Connect with our guests:Learn more about James Koutolas and Typhon Capital ManagementLearn more about Tim McCourt and CME GroupLearn more about Roy Niederhoffer and R.G. Niederhoffer Capital Management"I think that the one thing investors really better be cautious about is when they invest in a 'crypto hedge fund', that they're investing in something that's not just long crypto." - James Koutolas (Tweet)36 min
- 16 Top Traders Round Table with James Koutolas, Tim McCourt, and Roy Niederhoffer – 1of2"The reason that I'm so bullish on crypto is that it's the first fixed supply asset that has ever existed in human history, with all of the characteristics of money, but without the vice of overcreation, which has happened 100% of the time in human history." - Roy Niederhoffer (Tweet)Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, guest host Chris Solarz speaks with Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at CME Group, James Koutolas, CEO of Typhon Capital Management, and Roy Niederhoffer, President of R.G. Niederhoffer Capital Management. Our guests today are at the forefront of cryptocurrency investment and their views give insight on where it is headed, from public acceptance to their integration in managed futures. Listen in to today's episode to learn what makes cryptocurrency unique in human history, the long-term effects of investment, and the new developments that change how we invest them.Subscribe on:In This Episode, You'll Learn:What makes Bitcoin so unique among the history of currenciesThe differences between Ethereum and BitcoinWhat challenges CME faced in creating a futures on something virtual"The challenge [in making the Bitcoin futures] was making sure that as we brought this product to market, that we implemented all the proper risk controls, credit controls, and clearing protocols to give people the confidence and safety to transact something as new as Bitcoin." - Tim McCourt (Tweet)How interest in cryptocurrency has changed over the last couple of yearsWhy the guests disagree about the public long-term interest in cryptocurrencyThe historical precedent for the benefits of futures in the economy"The amount of venture capital money going in to [the cryptocurrency space] is just overwhelming." - James Koutolas (Tweet)How the various kinds of traders make their financial system work so wellThe trading strategies around cryptocurrency and how it has evolvedThis episode was sponsored by CME Group:Connect with our guests:Learn more about James Koutolas and Typhon Capital ManagementLearn more about Tim McCourt and CME GroupLearn more about Roy Niederhoffer and R.G. Niederhoffer Capital Management"I think that the one thing investors really better be cautious about is when they invest in a 'crypto hedge fund', that they're investing in something that's not just long crypto." - James Koutolas (Tweet)Full TranscriptThe following is a full detailed transcript of this conversion. Click here to subscribe to our mailing list, and get full access to our library of downloadable eBook transcripts!NielsWelcome back to another edition of Top Traders Round Table, a podcast series on managed futures. My name is Niels Kaastrup-Larsen and I'm delighted to welcome you to today's conversation with industry leaders and pioneers in managed futures brought to you by CME Group.Your guest host today is Chris Solarz, Managing Director of Global Macro Hedge Fund Strategies at Cliffwater, and he is joined by some very interesting guests to discuss the current state of the crypto space. So, without further ado, here is Chris.ChrisMy name is Chris Solarz and I'm going to be your guest host today. Today's show is focused on all things crypto. Now, to paraphrase Mark Twain, the rumors of the death of cryptocurrencies have been greatly exaggerated. Today I have a panel of three great crypto enthusiasts, here to share their expertise. I have Tim McCourt, of the CME Group; Roy Niederhoffer of R. G. Niederhoffer Capital Management; and James Koutoulas of Tyfund Capital Management.What we're going to talk about today is, first,36 min
- RT16: The birth of the first Futures on Crypto ft. James Koutolas, Tim McCourt & Roy Niederhoffer – 1of2
On today’s episode, guest host Chris Solarz speaks with Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at CME Group, James Koutolas, CEO of Typhon Capital Management, and Roy Niederhoffer, President of R.G. Niederhoffer Capital Management. Our guests today are at the forefront of cryptocurrency investment and their views give insight on where it is headed, from public acceptance to their integration in managed futures. Listen in to today’s episode to learn what makes cryptocurrency unique in human history, the long-term effects of investment, and the new developments that change how we invest them.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
In This Episode, You’ll Learn:
- What makes Bitcoin so unique among the history of currencies
- The differences between Ethereum and Bitcoin
- What challenges CME faced in creating a futures on something virtual
- How interest in cryptocurrency has changed over the last couple of years
- Why the guests disagree about the public long-term interest in cryptocurrency
- The historical precedent for the benefits of futures in the economy
- How the various kinds of traders make their financial system work so well
- The trading strategies around cryptocurrency and how it has evolved
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to [email protected]
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Learn more about James Koutolas and Typhon Capital Management
Learn more about Tim McCourt and CME Group
Learn more about Roy Niederhoffer and R.G. Niederhoffer Capital Management
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Privacy Policy
Disclaimer
36 min
About Top Traders Unplugged
From the publisher's feed
Top Traders Unplugged is where the world’s best investors come to share how they think - not just what they trade.
Hosted by Niels Kaastrup-Larsen, the show goes deep into systematic trend following, global macro, and the principles that drive long-term success.
No forecasts. No fads. Just real conversations with hedge fund managers, economists, authors, and allocators - revealing the timeless ideas, mental models, and risk frameworks behind robust performance.
If you're building resilient portfolios, allocating capital, or simply looking to cut through the noise - this is your edge.
Clear thinking. Deep insights. Real experience.
🎧 New episodes weekly. Explore all episodes at toptradersunplugged.com https://toptradersunplugged.com
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